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Description
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This modern monetary economics textbook and new empirical analysis of the Euro and Euroland strikingly reveal a high inefficiency in the monetary transmission of fractional reserve banking in the EMU, aside of an effective monetary policy of the ECB in a heterogeneous high potential economic region sharing one currency. Transmission efficiency is very important for GDP growth, job creation, investment, financial markets, health, and our overall standard of living. Through this, it clearly reveals an absolute requirement of monetary reform towards a digital full-reserve banking system. This study includes an introduction to monetary economics and surveys all major monetary theories and key concepts of money. It puts the ECB and Euro Area to test, which also serves as an ideal model system of probably all money systems and monetary policies for all currencies and countries of today, and is of utmost impact for the future of economics.
